Bitcoin nears $90k, long-term holders wake up

Bitcoin’s post-US election rally continues as the total cryptocurrency market hits an all-time high.

Bitcoin (BTC) reached an ATH of $89,604 early Tuesday with a market cap of $1.77 trillion. The leading crypto asset saw a slight decline as long-term holders began to move in.

BTC is trading at $88,400 at the time of writing. Daily trading volume continues to increase; It is currently at the level of 133 billion dollars.

BTC price, dormant circulation and MVRV rate | Source: Santiment

According to the data provided by Santiment, Bitcoin’s circulation, which has been inactive for two years, increased by 130% in the past day, reaching 13,589 BTC. Addresses that held digital gold for more than three years also increased by 154%, moving 8,235 BTC in 24 hours.

According to Santiment data, the latest Bitcoin ATH increased its MVRV rate to 178%. The indicator shows that the average BTC holder sees a 178% profit at this price point.

The last time Bitcoin circulation increased, having been inactive for two and three years, was August 29. This ultimately sent the asset’s price crashing from $60,000 to $54,000 within a week, with long-term holders taking profits, according to data from the market intelligence platform. .

Bitcoin’s recent rally has brought renewed positive sentiment to the broader industry.

According to data from CoinGecko, the global crypto market cap increased by 4.7% in the last 24 hours and currently stands at an ATH of $3.11 trillion.

Moreover, the cryptocurrency market witnessed an increase of $765 billion last week.

Crypto-related investment products saw their highest inflow since the beginning of the year, worth $31.3 billion, according to a crypto.news report on Monday. The total amount of assets under management reached 116 billion dollars.

This shows increased interest from both institutional investors as the market turned green after Donald Trump won the US presidential election.